Homework Answers
Answer- Inventory turnover = Cost of goods sold/Average inventory*
2016= $426650/( $92500+$87750)/2
= $426650/$90125
= 4.7 times
Days’ sales in inventory = No. of days in year/- Inventory turnover
= 365 days/4.7 times
= 77.7 days
Answer- Inventory turnover = Cost of goods sold/Average inventory*
2017= $643825/( $87750+$97400)/2
= $643825/$92575
= 7.0 times
Days’ sales in inventory = No. of days in year/- Inventory turnover
= 365 days/7.0 times
= 52.1 days
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Exercise 5-13 Inventory turnover and days' sales in inventory LO A3 The following is Information for...
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Exercise 13-10 Efficiency and profitability analysis LO P3
[The following information applies to the questions
displayed below.]
Simon Company’s year-end balance sheets follow.
At December 31 2017 2016 2015 Assets Cash $32,200 $ 36,250 $ 38,000 63,000 82,000 9,450 251,000 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,700 113,000 10,300 50,500 55,000 5,400 282,000 229,000 $527,200 $441,700 $377,900 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10...
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Exercise 13-10 Efficiency and profitability analysis LO P3
[The following information applies to the questions
displayed below.]
Simon Company’s year-end balance sheets follow.
At December 31 2017 2016 2015 Assets Cash $32,200 $ 36,250 $ 38,000 63,000 82,000 9,450 251,000 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,700 113,000 10,300 50,500 55,000 5,400 282,000 229,000 $527,200 $441,700 $377,900 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10...
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